Reuters columinst Pierre Briancon had some pretty stinging criticism for French President Nicholas Sarkozy in a recent blog. According to Briancon, France has been a perpetual loser when it comes to the eurozone crisis.
Briancon argues that while many believe Sarkozy came out a victor in the recent European summit, the exact opposite is true:
“France has lost to Germany on all the important arguments about how best to fight the euro crisis.
At every turn France has agreed to most German demands. It signed up to a constitutional “debt brake” which will be much more powerful than the so-called “golden rule” that Sarkozy had proposed for French budgets. France has also had to consent to quasi-automatic sanctions against countries that violate the euro zone’s fiscal discipline rules.”
Briancon points to the fact that on all major proposed European Central Bank schemes, France has been totally shot down by Germany. Ganging up on other politicians like Berlusconi, Papandreou and Cameron is hardly a victory, he argues.
Yowch. The truth hurts?